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Brava Signs Sales Deal with Shell for Atlanta Field Oil

Brava Energia S.A. has signed a contract with Shell Western Supply and Trading Limited for the sale of the oil produced in the Atlanta field by the consortium of Brava and Westlawn.

Atlanta, a producing heavy oil field located in ultra-deepwater in Brazil, is owned by Brava with an 80 percent stake and Westlawn with 20 percent.

The contract “provides for flexible conditions that allow the sharing of logistical and operational gains with the pricing policy linked to reference prices for low-sulfur bunker fuel on the international market,” Brava said in a news release.

Earlier in the month, Brava’s board said that the scope of the possible divestment transaction of the company’s onshore and shallow water assets will be limited to the fields located in the state of Bahia in Brazil.

The company said it remains in negotiations and in the due diligence phase with the selected bidders, with the expectation of receiving binding proposals throughout the month of April.

Brava highlighted that the optimization of the portfolio, initiated with the signing of a contract for the sale of 11 concessions in Rio Grande do Norte, “aims to concentrate the company’s efforts on projects with higher profitability and scale, which present efficient logistical integration and access to the international market”.

The company signed a contract for the sale of 6 million barrels of oil produced by the consortium in Atlanta with Trafigura PTE in February.

The contract has flexible terms that allow profit sharing through cargo combinations, access to specific markets for Atlanta oil type and competitive financing lines, Brava said in an earlier statement. The oil pricing is tied to international low-sulfur bunker reference prices.

Potiguar Divestment

The company in January received proposals from companies interested in acquiring assets from its onshore and shallow water portfolio.

In February, Petro-Victory Energy Corp. announced the acquisition of 13 oil fields in Rio Grande do Norte, located in the Potiguar Basin of Brazil, from Brava.

Petro-Victory signed a sale purchase agreement, with a 50/50 partnership with Azevedo & Travassos Petroleo (ATP), for the acquisition of Polo Porto Carão and Polo Barrinha from Brava Energia subsidiaries 3R RNCE S.A. and 3R Potiguar S.A.

The Calgary, Alberta-based company signed an exclusivity agreement with Brava for the assets in December 2024.

The total acquisition value for the assets is $15 million, net $7.5 million for Petro-Victory, it said in a news release. The payment will be made in four tranches plus a gross overriding royalty, of which Petro-Victory’s contribution will be pro-rated at 50 percent working interest.



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